Guotai Haitong: Insurance industry Q3 research value declines; predetermined interest rate remains stable within the year

Guotai Haitong issued a research report stating that it is bullish on the recovery of insurance sector valuations driven by the stabilization and rebound of interest rates. On the liability side, the phased decline in growth of new single premiums for life insurance under a high base does not change the strong long-term demand trend for insurance savings products, and improving the product term structure is conducive to supporting value growth; attention should be paid to the insurance industry's 2027 opening campaign performance. On the asset side, profits are under phased pressure amid equity market volatility, and it is expected that insurance companies will dynamically adjust their stock and bond allocation strategies based on the external market environment to promote steady earnings and dividends. The current share prices reflect extremely pessimistic investment-side expectations, and with the stabilization and rebound of interest rates, there is room for valuation recovery among listed insurers. Maintain the industry "Overweight" rating.